Freedom Investment Management Inc. Reduces Holdings in L3Harris Technologies Inc $LHX

Key Points

• Freedom Investment Management Inc. reduced its holdings in L3Harris Technologies Inc by 24.7%, selling 1,040 shares to own a total of 3,165 shares valued at approximately $794,000.
• CEO Christopher E. Kubasik sold 83,000 shares at an average price of $279.90, which resulted in a 36.31% decrease in his ownership, while insiders collectively sold 195,138 shares worth over $53 million in the last three months.
• Analysts have issued positive ratings; Royal Bank of Canada raised the price target to $280, while Truist Financial increased it to $353, reflecting a consensus price target of $287.63 with a general rating of "Moderate Buy."

Freedom Investment Management Inc. lowered its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 24.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,165 shares of the company's stock after selling 1,040 shares during the period. Freedom Investment Management Inc.'s holdings in L3Harris Technologies were worth $794,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in LHX. Brighton Jones LLC raised its stake in shares of L3Harris Technologies by 233.9% during the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after purchasing an additional 3,001 shares during the period. Oppenheimer Asset Management Inc. increased its stake in shares of L3Harris Technologies by 5.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock worth $926,000 after buying an additional 216 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in shares of L3Harris Technologies by 6.1% in the first quarter. Asset Management One Co. Ltd. now owns 76,280 shares of the company's stock worth $15,966,000 after buying an additional 4,370 shares during the last quarter. Golden State Wealth Management LLC increased its stake in shares of L3Harris Technologies by 351.3% in the first quarter. Golden State Wealth Management LLC now owns 898 shares of the company's stock worth $188,000 after buying an additional 699 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of L3Harris Technologies by 3.2% in the first quarter. Robeco Institutional Asset Management B.V. now owns 116,766 shares of the company's stock worth $24,440,000 after buying an additional 3,637 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

Insider Activity

In other news, CEO Christopher E. Kubasik sold 83,000 shares of the business's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the completion of the transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $40,747,282.20. The trade was a 36.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 195,138 shares of company stock worth $53,571,774 over the last three months. Insiders own 0.72% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Royal Bank Of Canada lifted their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Truist Financial lifted their price target on shares of L3Harris Technologies from $302.00 to $353.00 and gave the stock a "buy" rating in a research note on Wednesday, October 15th. Morgan Stanley lifted their price target on shares of L3Harris Technologies from $250.00 to $350.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 15th. Robert W. Baird lifted their price target on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Finally, Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, L3Harris Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $287.63.

L3Harris Technologies Stock Down 0.0%

LHX stock opened at $293.22 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $308.12. The firm has a fifty day moving average price of $285.35 and a two-hundred day moving average price of $258.41. The firm has a market cap of $54.86 billion, a price-to-earnings ratio of 32.76, a PEG ratio of 2.14 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same quarter in the previous year, the firm earned $3.24 earnings per share. The firm's revenue for the quarter was up 2.4% compared to the same quarter last year. Research analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Monday, November 17th will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 annualized dividend and a dividend yield of 1.6%. L3Harris Technologies's payout ratio is 53.63%.

L3Harris Technologies Profile

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.

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